Gold edges up on scattered buying; silver remains weak

Snapping its three-day losing streak, gold prices edged up by Rs 10 to Rs 25,100 per ten grams at the bullion market today on fresh buying by jewellers at prevailing levels even as the metal weakened overseas.
Silver, however, remained under selling pressure and shed Rs 50 at Rs 34,000 per kg.
Traders said emergence of buying by jewellers and retailers at existing levels mainly helped gold prices to rise.
The surge was however capped as the US economy expanded at a faster pace in the second quarter, bolstering expectations of a rate increase this year.
Globally, gold in Singapore slid 0.5 per cent to USD 1,083.18 an ounce and silver by 0.5 per cent to USD 14.67 an ounce.

In the national capital, gold of 99.9 and 99.5 per cent purity were up by Rs 10 each to Rs 25,100 and Rs 24,950 per ten grams, respectively. The precious metals had lost Rs 400 in the previous three sessions.

Sovereign, however, remained flat at Rs 22,200 per piece of eight grams.
On the other hand, silver ready fell further by Rs 50 to Rs 34,000 per kg, while weekly-based delivery recovered by Rs 35 to Rs 33,815 per kg on some speculative buying.
Meanwhile, silver coins held steady at Rs 48,000 for buying and Rs 49,000 for selling of 100 pieces.